Organize Your Important Records
The File Folder System
7. Credit Card DEBT. Because credit card debt is such a problem for many people, David recommends capitalizing the word DEBT so that it stands out and bothers you every time you see it. Create a separate folder for each credit account you have and keep your monthly statements in them.
8. Credit Scores. This folder is for recent credit scores and the credit reports on which they are based. See free credit report for details and how to get copies.
9. Other Liabilities. This is where you keep records dealing with debts other than your mortgage and your credit card accounts. Examples include college loans, car loans, and personal loans. Each debt should have its own file folder, and should contain the loan note and your payment records.
10. Insurance. Make separate file folders for each of your insurance policies, including health, life, automobile, homeowner's or renter's, disability, long-term care, and so on. Each folder should contain the appropriate policy and all the related payment records. If you have employer provided insurance (e.g., medical coverage), include the brochures and other informational material you've received from your company.